Just last week, Pope Francis called for action to address the new debt crisis that's crippling lower income countries.
Over three billion people are living in countries where governments are spending more money on debts than on health or education.
As record sums of money flow from the poorest nations to line the pockets of the world’s biggest banks, we need to take a stand. We’re calling on political parties to address this by passing a ‘Debt Justice Law’ if they form the next government. Will you join us by adding your name to our petition?
The UK has the power to tackle this. Because the majority of loans granted by big banks are governed by English law, the government could legislate to force lenders to stop demanding payments from countries facing a debt crisis.
Rising interest rates and global shocks, including the pandemic, have left the world’s poorest nations paying huge debts with extortionate interest. In Sri Lanka, the government spent over a third of its revenue on debt repayments to foreign lenders in 2022. This has contributed to 25% of the population living in poverty, up from 13% three years ago.
Sandun Thudugala from the Law and Society Trust in Sri Lanka, says, “A normal person has to bear the burden of this debt crisis. There is no medicine in hospitals and equipment is not available… families don’t have enough food and many are having to sacrifice the education of their children because they can’t afford it.”
The Bible teaches us that money lending is about accompanying vulnerable people, not about profiteering. But in our current global system, powerful banks make huge profits from the vulnerability of poorer nations.
Pope Francis has declared next year a ‘Jubilee year’, which in the Church is historically a time for cancelling debt and restoring equality. Just last week the Pope said, "I ask that [affluent nations] acknowledge the gravity of so many of their past decisions and determine to forgive the debts of countries that will never be able to repay them. More than a question of generosity, this is a matter of justice.”
As we prepare for the next Jubilee year, and approach a general election, will you take action now by writing to the UK’s political leaders calling for a new Debt Justice Law?
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